One of the rules was if the entrepreneurs didn’t secure the full amount of funding they were pitching for, they walked away with nothing.

The first episode provided an insight into what it’s like to pitch an idea to venture capitalists. The questions they ask, deals they offer (or don’t), opinions they put forward, and how they negotiate.

The first idea pitched to the judges was an esky which doubled as cricket stumps. The two founders launched in September and have sold 4,000 coolers at $89.95 each.

Cricket Cooler co-founders Adam Dubrich and Leigh Warren were looking for $280,000 in return for a 20% equity stake in the company.

The founders ran a Kickstarter campaign last year raising over $41,000 from 125 backers.

They explained it costs them $40 + GST to manufacture each unit. The current company structure is split three ways with each partner currently holding a 33% stake. Taking on the investment would dilute the current partners’ stakes.

But the work ethic and expectations of the founders – they wanted to take salaries of about $150,000 each – had a couple of judges telling them to take a reality check and rethink their attitudes.

“You’re not entrepreneurs. You want safety and you want no risk,” Baxter said, adding he promised himself he wouldn’t invest in people with that attitude.

While McGrath said the idea was “very clever,” he said: “I’m concerned this could be a one-hit-wonder. I’m looking to invest in businesses which have a recurring revenue.” And with that he was out.

Allis said she didn’t take a salary for three years while she was building Boost Juice, she said her family home was sold and eventually when a salary was drawn it was $30,000 a year.

The founders were after working capital to fund the production of more coolers. The only offer came from Simson who put up $80,000 for a 20% stake plus offered a $200,000 loan to the company.